I decided to decorate a pair of my pink panties with Jellyfish and used the following as inspiration

As it was too delicate to try to stencil, it was done freehand but was pretty easy due to the drawings; you basically draw a half circle that is a little rounded on the bottom then add squiggly lines making them thicker in the center.

Cost: $1
Panties $1
Paint On hand (but to buy new it runs around $1 at craft stores)
Jellyfish pic - free by looking up on the internet
Time to draw: About 5 mins each side
Drying time: About 20 mins each side